22728 Friendship Ln · Anchorage, AK 99567

$449,000

4 bd · 2.0 ba · 1,710 sqft · SingleFamily public records · 9 Days on market

Built 1954 2.50 ac lot $263/sqft · at area comps Est $466k · at est.

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.0/30.0
• ARV discount +9.1/15.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BRAND NEW SEPTIC, WATER LINE, & WELL PUMP! It's not often that a piece of Alaska history like this hits the market. Built in the 60s, this property has been carefully maintained and is being offered for the first time. Spread out on 2.5 acres, this property is a true homesteaders dream with a detached garage, woodworking shop, shed, and greenhouse- offering space for projects, storage, gardening, and self-sufficient living. Inside of the home, you'll find 4 bedrooms and 2 baths with charm sprinkled throughout. This home offers two separate living spaces and a layout that allows for privacy and room to spread out. This property has a story to tell and it's one you'll want to see in pers

Key facts

• 2.5 acre lot
• Garage
• Built 1954

Property features AI

Exterior

• Parking: 1-car garage; No carport
• Utilities: Septic tank
• Home design: Residential property; Not attached to another unit
• Construction: Built in 1954; Slab foundation; Metal roof
• Exterior features: Landscaping; Storage

Interior

• Kitchen: Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating
• Interior features: Basement; Family room; Wood stove; Workshop; Carbon monoxide detector(s); Smoke detector(s); BR/BA on main level; Primary bedroom and bath on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $449k.

Deal economics

• At list price, monthly cash flow is $-26 ($-312/yr) — negative.
• To cash-flow at today's rent, offer at most $444k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (23.6% below list).
• Recommended offer: $343k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.8% in Anchorage — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#6 in AK, #2,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Anchorage School District (urban): math 37% / reading 43% proficiency, ranked #6 of 21 in AK (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chugiak Elementary (math 62% / reading 52%, grade C+, #25 of 156 statewide, top 18%, 448 students, 17% FRL); Mirror Lake Middle School (math 39% / reading 53%, grade D+, #10 of 36 statewide, top 26%, 563 students, 21% FRL); Chugiak High School (math 42% / reading 42%, grade F, #17 of 61 statewide, top 32%, 905 students, 19% FRL) — zoned schools average 19% FRL vs 38% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 94 active listings in the ZIP; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $343,048 (23.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• GRM: 10.9

CMA / ARV

• ARV (median comp): $465,501
• List price: $449,000
• Delta: -3.54%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20880 Oberg Rd	0.11mi	3/2.0 (-1)	1,920 (+12%)	1mo	$425,000	$221	68
22479 Centurion Dr	0.45mi	3/2.0 (-1)	1,772 (+4%)	10mo	$485,000	$274	60
23105 Green Garden Dr	0.70mi	3/2.0 (-1)	1,760 (+3%)	7mo	$429,000	$244	52
22471 Centurion Dr	0.46mi	3/2.5 (-1)	1,828 (+7%)	10mo	$467,900	$256	52
20838 Helluva St	0.66mi	3/2.0 (-1)	1,880 (+10%)	10mo	$550,000	$293	39
22909 Green Garden Dr	0.59mi	3/2.5 (-1)	1,959 (+15%)	10mo	$528,000	$270	33
23023 Green Garden Dr	0.66mi	3/2.5 (-1)	1,820 (+6%)	24mo	$399,000	$219	32
22839 Northwoods Dr	0.74mi	3/2.5 (-1)	1,900 (+11%)	13mo	$470,000	$247	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-74,587
• Equity at exit: $66,947

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-67,787
• Equity at exit: $38,821

Cash invested: $125,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 80 Strongly Landlord-Friendly
• State Alaska: 80 Strongly Landlord-Friendly · R+8
• County: — inherits STATE
• City: — inherits STATE

30-day notice; security deposits capped; courts moderate-paced.

Methodology + full state rankings →

ZIP-level market 99567

• Home prices YoY: -4.7%
• Active inventory: 94
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,430 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$194 /mo · $2,333/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$720
• Net cashflow: $-26

Break-even live

Break-even rent $3,463

Max offer price $444,406

Occupancy floor 96%

Sensitivity live

Price	-10% $228	-5% $101	+0% $-26	+5% $-153	+10% $-280
Rent	-10% $-297	-5% $-162	+0% $-26	+5% $109	+10% $245
Rate	-1.0pp $200	-0.5pp $88	base $-26	+0.5pp $-142	+1.0pp $-261

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-23
   days on market $449,000 Active 9 DOM
2. 2026-06-22
   remarks 695-char remark
3. 2026-06-22
   days on market $449,000 Active 8 DOM
4. 2026-06-19
   status $449,000 Active 5 DOM
5. 2026-05-12
   status Pending 655-char remark
6. 2026-05-07
   listed $449,000 Active 655-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AK · Partial reset (capped growth)

• Current annual tax: $2,333 · $194/mo
• Projected year-2 tax: $3,838 · $320/mo
• Expected delta: +$1,505/yr (+$125/mo · 64.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $41,166
• − Mortgage interest: −$25,151
• − Property taxes: −$2,333
• − Insurance: −$2,245
• − Repairs & maintenance: −$3,293
• − Management: −$3,293
• − Depreciation: −$13,062
• Taxable loss: −$8,211
• Est. tax savings @ 24.0%: +$1,971
• After-tax cash flow: $1,659/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Anchorage School District
• NCES district ID: 0200180
• Math proficiency: 37% ▼ -2.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $76,447
• Composite: 37.0/100
• National rank: #4523
• State rank: #6 of 21 in AK

Livability — Anchorage

• Score: 78/100
• State rank: #6
• US rank: #2553

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anchorage, AK
• City population: 218,117
• Population (ZIP): 6,739

Population outlook (Anchorage County) Hauer SSP2

• Today (2025): 314,993 people
• By 2030: 321,771 · +2.2%
• By 2040: 335,493 · +6.5%
• By 2050: 352,799 · +12.0%
• By 2075: 414,771 · +31.7%
• By 2100: 474,485 · +50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Native American 5% Pacific Islander 1%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Portuguese 4% Italian 3% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 5% German/W. Germanic 1%

Political lean MEDSL · Anchorage

• 2024 margin: D (+12.7) · D 56.3% · R 43.7%
• 2016→2024 swing: +27.9pp toward D · 2016: -15.2pp · 2024: 12.7pp
• All cycles: 2024: D+12.7 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.74%
• Current HPI: 279.3784
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

3 events — show timeline

• 2026-06-18 Relisted — AKMLS
• 2026-05-12 Pending — AKMLS
• 2026-05-07 Listed $449,000 AKMLS

Property tax history

+3.5%/yr

Latest (2025): $2,333 · +3.4% YoY. Source: county tax records.